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Digital transformation: Hong Leong and Intellect tackle wholesale banking services

AvantiKumar | Aug. 21, 2015
Large export-oriented corporations and SME clients will benefit from increased availability of digital and realtime financial services from this Banking 3.0 initiative.

Hong Leong Bank Berhad signing with Intellect Design 

Photo - (centre, right to left) Yang Mulia Raja Teh Maimunah, MD/ CEO of Hong Leong Islamic Bank together with Manish Maakan the CEO of iGBT, Intellect Design Arena Limited at the signing ceremony to announce their partnership.


Large export-oriented corporations and SME clients will benefit from increased digital and real-time financial services as the result of a partnership between Malaysia's Hong Leong Bank (HLBB) and digital technologies specialist Intellect Design Arena (Intellect).

During the recent official signing ceremony in Kuala Lumpur, HLBB's managing director & chief executive officer YM Raja Teh Maimunah said the move will transform and digitise its wholesale banking offerings.

"Following the digitisation of our Personal Financial Services, HLBB is now turning its attention to the corporate banking space with a focus on the development of real-time payment offerings in order to better support its Malaysian corporate clients both domestically and globally," she said.

"More of our wholesale banking clients have gone global and expect more competitive banking services to facilitate their cross-border businesses," she added.  "As customers nowadays seek other alternatives apart from the physical branch, this offering provides the ability to access information, select products and make transactions from anywhere and at any time."

Under the agreement, the bank will adopt the Intellect Global Transaction Banking (iGTB) suite, which is in line with the global Banking 3.0 trend where technologies such as mobility and cloud are redefining financial services and payments worldwide, added the partners.

Digitalisation and Mobility

 Manish Maakan, the chief executive officer of iGTB, Intellect, said, "Digitalisation and mobility has changed the way businesses run. Local banks are seeing more non-banking players crowding into their space as their customers want more flexibility, multiple-channel payment options and the ability to do this all in a secure and fast manner. We are honoured to be chosen by HLBB to help transform its digital transaction banking services platform."

Maakan said that HLBB's purchase of the Intellect iGTB suite will consist of the digital omni-channel delivery platform and related applications in digital Cash Management, Liquidity Management, Domestic and Foreign Payments, Trade Finance and Supply Chain Financing. Via Intellect's iGTB, HLBB will be equipped to facilitate mass adoption of real-time digital payments amongst its corporate clients.

HLLB can also implement straight-through-processing between the bank and local/ international payment gateways, as well as host-to-host integration with its clients' accounting and back-end systems. With this, HLBB clients will truly be able to adopt modern business processes and transaction management capabilities.

HLBB, established more than a 100 years ago, provides comprehensive financial services covering consumer banking, business banking and trade finance, treasury, branch and transaction banking, wealth management, private banking and Islamic financial services.  In addition to HLLB's presence in Singapore, Hong Kong and wholly owned subsidiaries in Vietnam and Cambodia, its merger with EON Bank Group in 2011 resulted in an expanded distribution network of around 300 branches across the country.


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